Japanese high-tech giant Toshiba Corp. said July 12 it had gained a strong foothold in China's fast-growing thermal power generation market through an alliance with a local firm. Toshiba said it had formed a joint venture with Xian Xingyi Technology Co., a manufacturer of control and instrumentation systems for thermal power plants.
The venture will be owned 50% by Toshiba, 10% by Toshiba China Co. -- Toshiba's Chinese subsidiary -- and 40% by the Xian Xingyi Group.
"This investment is a significant step for Toshiba, one that will enable us to acquire a strong foothold in the rapidly growing thermal power generation market in China," said Toshiba vice president Atsuhiko Izumi.
The Japanese giant has been increasing its focus on the energy sector and last year bought power plant maker Westinghouse from British Nuclear Fuels (BNFL) last year for $5.4 billion.
Copyright Agence France-Presse, 2007